Swiss Funds At a Glance Credit Suisse Asset Management (Switzerland) AG
STREETBOX LA FONCIERE IMMOFONDS SOLVALOR 61 FIR CS REF SIAT UBS DIRECT RESIDENTIAL SWISSCANTO IFCA SWISSINVEST REAL CS REF LIVINGPLUS IMMO HELVETIC BONHOTE IMMOBILIER UBS SWISS ANFOS UBS FONCIPARS SCHRODER IMMOPLUS POLYMEN FONDS PROCIMMO ROTHSCHILD RE SWISS REALSTONE UBS SWISS SIMA PATRIMONIUM CS 1A IMMO PK SWISSCANTO COMMERCIAL SF SUSTAINABLE PROPERTY CS REF GREEN PROPERTY UBS DIRECT URBAN CS REF LOGISTICSPLUS RESIDENTIA CS REF INTERNATIONAL UBS SWISSREAL CS REF INTERSWISS CS REF HOSPITALITY CS REF GLOBAL Agios and Disagio of the Swiss Funds Average of listed funds 1 : 33.3% 7 7 6 6 5 5 4 4 3 3 2 2 1 1 - Agio / Disagio 1 if the other funds CS 1a Immo PK, CS REF International and CS REF Global are included, the weighted agio is 31.1% Source: Credit Suisse AG, Datastream, last annual or semi-annual report of the funds 2
STREETBOX LA FONCIERE IMMOFONDS SOLVALOR 61 FIR CS REF SIAT UBS DIRECT RESIDENTIAL SWISSCANTO IFCA SWISSINVEST REAL CS REF LIVINGPLUS IMMO HELVETIC BONHOTE IMMOBILIER UBS SWISS ANFOS UBS FONCIPARS SCHRODER IMMOPLUS POLYMEN FONDS PROCIMMO ROTHSCHILD RE SWISS REALSTONE UBS SWISS SIMA PATRIMONIUM CS 1A IMMO PK SWISSCANTO COMMERCIAL SF SUSTAINABLE PROPERTY CS REF GREEN PROPERTY UBS DIRECT URBAN CS REF LOGISTICSPLUS RESIDENTIA CS REF INTERNATIONAL UBS SWISSREAL CS REF INTERSWISS CS REF HOSPITALITY CS REF GLOBAL Agios and Disagio of the Swiss Funds Month-on-month and year-to-date change 8 7 7 6 6 5 5 4 4 3 3 2 2 1 1 - -1 30.06.17 (Agio: 33.3%) 31.05.17 (Agio: 32.8%) 30.12.16 (Agio: 27.) Source: Credit Suisse AG, Datastream, last annual or semi-annual report of the funds 3
Agios and Disagio of the Swiss Funds Close Link between Agios and Longterm Interest Rates 3 Weighted agio / disagio in % (listed and unlisted funds) 30.06.2017 31.03.1994 2 31.12.2016 31.12.2015 31.03.2007 1 30.06.1994 31.12.2008-30.09.1990 31.03.1993 10 year CHF swap rate in % -1-1% 1% 3% 7% The graphic shows the link between longterm interest rates (horizontal axis) and the average Agio/Disagio since 1990 at the end of each quarter. Basically the following rule applies: The higher the interest rates, the lower the Agio/Disagio. Beside the link to interest rates there are other factors influencing the Agio/Disagio like demand sentiment, new products, tax advantages of products, etc.). Source: Credit Suisse AG, Datastream, last annual or semi-annual report of the funds 4
Agios and Disagio of the Swiss Funds Development since 1990 4 Agio / disagio Interest rate 9% 3 8% 3 7% 2 6% 2 1 4% 1 3% 2% 1% - -1 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016-1% Agio / disagio 10 year CHF swap rate Source: Credit Suisse AG, Datastream, last annual or semi-annual report of the funds 5
Agio Development since november 2008 Development of Commercial and Residential Funds 4 4 3 3 2 2 1 1 - Jul 08Jan 09Jul 09Jan 10Jul 10Jan 11Jul 11Jan 12Jul 12Jan 13Jul 13Jan 14Jul 14Jan 15Jul 15Jan 16Jul 16Jan 17 SXI Funds Commercial Funds Residential Funds Source: Credit Suisse AG, Datastream, last annual or semi-annual report of the funds 6
Average Monthly Turnover of Swiss Funds Between July 2016 and in mn CHF UBS SWISS SIMA CS REF LIVING PLUS CS 1A IMMO PK CS REF SIAT CS REF INTERNATIONAL CS REF GREEN PROPERTY UBS SWISS ANFOS CS REF INTERSWISS UBS SW SWISSREAL SWISSCANTO IFCA IMMOFONDS UBS FONCIPARS SCHRODER IMMOPLUS ROTHSCHILD RE SWISS SOLVL 61 PRT LA FONCIERE REALSTONE BONHOTE IMMOBILIER FIR CS REF HOSPITALITY Immo Helvetic SWISSINVEST REAL PROCIMMO PATRIMONIUM CH RE SF SUSTAINABLE PROPERTY UBS DIRECT RESIDENTIAL CS REF GLOBAL CS REF LOGISTICSPLUS SWISSCANTO COMMERCIAL UBS DIRECT URBAN RESIDENTIA STREETBOX RE POLYMEN FONDS 0 10 20 30 40 50 60 70 80 90 CS 1a Immo PK, CS REF International, CS REF LogisticsPlus: OTC-trading Source: Credit Suisse AG, Datastream 7
CS REF INTERSWISS UBS SWISSREAL CS REF GLOBAL CS REF INTERNATIONAL CS 1A IMMO PK CS REF LOGISTICSPLUS CS REF HOSPITALITY PROCIMMO STREETBOX IMMOFONDS UBS SWISS SIMA IMMO HELVETIC CS REF GREEN PROPERTY SWISSCANTO COMMERCIAL CS REF SIAT UBS FONCIPARS UBS SWISS ANFOS SCHRODER IMMOPLUS SF SUSTAINABLE PROPERTY SWISSINVEST REAL REALSTONE CS REF LIVINGPLUS SWISSCANTO IFCA RESIDENTIA ROTHSCHILD RE SWISS UBS DIRECT RESIDENTIAL FIR POLYMEN FONDS BONHOTE IMMOBILIER PATRIMONIUM UBS DIRECT URBAN SOLVALOR 61 Distribution Yield of Swiss Funds Distribution per Share Compared to the Share Price 4% Direct property ownership Indirect property ownership Average SXI Funds 3% 2% 1% Performance data does not include the commissions and costs levied on issue and redemption. Historical returns are no guarantee of current or future performance. Source: Credit Suisse AG, Datastream, last annual report of the funds 8
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Distribution Yield of Swiss Funds Compared to 10 Year Swiss Government Benchmark Bond 6% 4% 3% 2% 1% -1% Yield Gap Distribution Yield Swiss Funds Yield on 10 Year Swiss Government Benchmark Bond Performance data does not include the commissions and costs levied on issue and redemption. Historical returns are no guarantee of current or future performance Source: Credit Suisse AG, Datastream, last annual report of the funds 9
CS REF HOSPITALITY IMMO HELVETIC CS 1A IMMO PK IMMOFONDS SWISSINVEST REAL CS REF GREEN PROPERTY SF SUSTAINABLE PROPERTY CS REF LIVINGPLUS CS REF INTERSWISS CS REF LOGISTICSPLUS SOLVALOR 61 CS REF SIAT FIR ROTHSCHILD RE SWISS SCHRODER IMMOPLUS LA FONCIERE UBS DIRECT RESIDENTIAL SWISSCANTO IFCA BONHOTE IMMOBILIER UBS FONCIPARS UBS SW SWISSREAL UBS SWISS ANFOS UBS SWISS SIMA REALSTONE CS REF INTERNATIONAL UBS DIRECT URBAN STREETBOX SWISSCANTO COMMERCIAL PATRIMONIUM PROCIMMO POLYMEN FONDS RESIDENTIA CS REF GLOBAL Comparison of Total Expense Ratios (TER REF GAV) Fund Operating Expenses of Swiss Funds 1.2 TER REF GAV 1.0 0.7 0.5 0.2 0.0 Source: Credit Suisse AG, last annual report of the funds 10
CS 1A IMMO PK IMMO HELVETIC SOLVALOR 61 SF SUSTAINABLE PROPERTY CS REF LOGISTICSPLUS SWISSINVEST REAL CS REF LIVINGPLUS CS REF GREEN PROPERTY IMMOFONDS CS REF HOSPITALITY CS REF SIAT UBS DIRECT URBAN UBS DIRECT RESIDENTIAL FIR CS REF INTERSWISS CS REF INTERNATIONAL UBS FONCIPARS SWISSCANTO COMMERCIAL UBS SWISS ANFOS UBS SW SWISSREAL SWISSCANTO IFCA SCHRODER IMMOPLUS ROTHSCHILD RE SWISS LA FONCIERE BONHOTE IMMOBILIER UBS SWISS SIMA PATRIMONIUM REALSTONE CS REF GLOBAL PROCIMMO STREETBOX RESIDENTIA POLYMEN FONDS Comparison of Total Expense Ratios (TER REF NAV) Fund Operating Expenses of Swiss Funds 2.0 TER REF NAV 1.7 1.5 1.2 1.0 0.7 0.5 0.2 0.0 Extrapolations for those funds which have not yet published TER REF (NAV). Source: Credit Suisse AG, last annual report of the funds 11
SOLVALOR 61 UBS DIRECT URBAN CS 1A IMMO PK CS REF SIAT CS REF LOGISTICSPLUS SF SUSTAINABLE PROPERTY CS REF INTERNATIONAL FIR UBS FONCIPARS SWISSINVEST REAL CS REF LIVINGPLUS UBS DIRECT RESIDENTIAL CS REF GREEN PROPERTY UBS SWISS ANFOS SWISSCANTO IFCA UBS SWISS SIMA LA FONCIERE IMMOFONDS SWISSCANTO COMMERCIAL RESIDENTIA SCHRODER IMMOPLUS IMMO HELVETIC BONHOTE IMMOBILIER CS REF GLOBAL CS REF INTERSWISS UBS SW SWISSREAL ROTHSCHILD RE SWISS PATRIMONIUM POLYMEN FONDS PROCIMMO CS REF HOSPITALITY STREETBOX REALSTONE Third-party borrowings In % of aggregate market value 5 4 4 3 3 2 2 1 1 Source: Credit Suisse AG, last annual report of the funds 12
Swiss Funds at a Glance Name ISIN Price 52 week Performance Vola. NAV Agio Distribution TER REF Turnover Total market Investment Property high low YTD -5 y 3 years per unit yield (%) (GAV) in mn CHF 4 capitalization focus ownership 5 30.06.2017 p.a. ann. (prov.) in mn CHF UBS SWISS SIMA CH0014420878 110.00 113.00 100.90 7.8% 5.4% 8.9% 86.4 27.3% 3. 0.82% 83.7 7'647.9 Mixed Indirect CS 1A IMMO PK 1,3 CH0008443035 1495.00 1530.00 1360.00-0.3% 5.4% 5.8% 1209.3 23.6% 3. 0.56% 39.2 3'945.8 Mixed Direct CS REF SIAT CH0012913700 207.80 210.00 186.00 8. 7.7% 9.3% 142.6 45.7% 2.6% 0.72% 38.3 3'208.2 Residential Indirect CS REF LIVINGPLUS CH0031069328 144.40 147.40 129.50 6.7% 5.8% 10. 103.8 39.1% 2.3% 0.66% 57.1 3'011.3 Residential Direct CS REF INTERNATIONAL 2,3 CH0019685111 1200.00 1270.00 1135.00 6.6% 8.8% 9.2% 1031.9 16.3% 3.6% 0.8 34.3 2'535.5 International Indirect UBS SWISS ANFOS CH0014420829 71.15 72.25 63.30 7.6% 5.3% 10.2% 52.8 34.7% 2. 0.82% 29.5 2'368.8 Residential Indirect CS REF GREEN PROPERTY CH0100778445 134.00 139.00 122.00 4.7% 5.8% 10.3% 110.3 21. 2.8% 0.64% 30.2 2'276.5 Sustainability Direct CS REF INTERSWISS CH0002769351 203.40 216.10 193.60 4.1% 2.7% 10.8% 185.7 9. 4. 0.68% 24.2 1'686.9 Commercial Indirect UBS SW SWISSREAL CH0014420886 69.20 72.95 66.10 6.6% 3.9% 9.7% 60.5 14. 3.9% 0.82% 22.9 1'583.3 Commercial Indirect SWISSCANTO IFCA CH0037430946 149.00 149.00 127.10 12. 8. 8.3% 102.7 45. 2.4% 0.81% 21.1 1'571.1 Residential Indirect IMMOFONDS CH0009778769 455.75 481.75 419.00 3.6% 6.2% 9.4% 303.2 50.3% 3. 0.62% 16.2 1'467.0 Residential Indirect LA FONCIERE CH0002782263 1138.00 1152.00 1005.00 8. 9.2% 10.3% 726.1 56.7% 1.8% 0.8 12.2 1'407.8 Residential Mixte SCHRODER IMMOPLUS CH0007251413 1375.00 1450.00 1238.00 6.1% 6.8% 10.3% 1034.0 33. 2. 0.8 14.7 1'320.0 Commercial Indirect SOLVALOR 61 CH0002785456 281.50 281.50 245.60 10.3% 6.4% 11.2% 190.5 47.8% 1.8% 0.71% 13.4 1'268.4 Residential Direct FIR CH0014586710 193.30 198.00 170.50 7.9% 8.7% 8.1% 131.1 47.4% 2. 0.7 10.4 1'243.8 Residential Indirect UBS FONCIPARS CH0014420852 96.50 99.05 86.60 8.9% 8.4% 7.9% 72.2 33.7% 2.7% 0.82% 15.7 1'237.7 Residential Indirect IMMO HELVETIC CH0002770102 230.00 249.60 217.60 0.2% 7.1% 9.4% 165.7 38.8% 2.8% 0.53% 9.8 966.0 Residential Indirect ROTHSCHILD RE SWISS CH0124238004 143.50 143.70 127.50 9. 6.2% 9.1% 111.0 29.3% 2.2% 0.76% 14.5 958.9 Residential Direct BONHOTE IMMOBILIER CH0026725611 156.60 156.60 138.60 8.9% 7. 8.7% 113.6 37.9% 2.2% 0.82% 10.7 932.7 Residential Direct SWISSINVEST REAL CH0026168846 185.00 190.00 165.00 6.6% 9. 9.9% 129.7 42.6% 2. 0.63% 9.7 896.6 Residential Indirect REALSTONE CH0039415010 155.70 159.00 138.00 9. 6.9% 9.7% 121.7 27.9% 2.4% 0.83% 10.8 858.5 Residential Direct CS REF HOSPITALITY CH0118768057 97.50 98.50 92.50 4.9% 0. 7.4% 96.5 1. 3.1% 0.5 10.0 853.5 Hospitality Direct PROCIMMO CH0033624211 170.00 179.00 150.50 5.6% 7.8% 8. 131.0 29.8% 3.1% 0.94% 9.0 820.9 Commercial Direct SF SUSTAINABLE PROPERTY CH0120791253 141.80 150.70 122.60 11.7% 0. 115.2 23. 2.6% 0.64% 6.4 701.6 Residential Direct PATRIMONIUM CH0034995214 159.00 159.00 145.10 3.7% 9. 126.2 26. 1.9% 0.9 6.5 655.4 Residential Direct UBS DIRECT RESIDENTIAL CH0026465366 18.90 18.90 16.95 4.7% 9.8% 13.0 45.6% 2.1% 0.8 6.0 627.3 Residential Direct SWISSCANTO COMMERCIAL CH0111959190 129.50 140.50 120.00 5.6% 9.8% 102.5 26.4% 2. 0.89% 3.9 464.0 Mixed Direct POLYMEN FONDS CH0107006550 155.60 157.90 121.45 30. 0. 119.3 30.4% 2.2% 1.0 2.2 406.1 Residential Direct UBS DIRECT URBAN CH0192940390 13.45 13.60 12.25 8. 0. 11.3 19.4% 1.9% 0.86% 3.9 387.3 Mixed Direct CS REF LOGISTICSPLUS 2 CH0245633950 120.00 120.00 106.50 16.4% 0. 102.8 16.7% 3.2% 0.7 4.0 360.0 Logistics Direct CS REF GLOBAL CH0139851676 92.50 103.80 91.50 2. 1.9% 9.3% 94.9-2. 3.6% 1.13% 4.3 213.7 International Indirect STREETBOX CH0037237630 438.50 456.00 396.75 0. 254.5 72.3% 3. 0.87% 2.3 179.4 self storage Direct RESIDENTIA CH0100612339 138.90 133.00 126.70 3.8% 6. 6.3% 114.0 21.8% 2.3% 1.0 2.4 166.8 Residential Direct SXI REAL ESTATE FUNDS 3 CH0009947406 7.2% 6.2% 7.4% 33.3% 2.6% 0.7 499.0 40'994.6 1 CS 1a Immo PK is restricted to tax-exempt domestic occupational benefit institutions and tax-exempt domestic social insurance institutions and compensation funds. 2 CS REF International and CS REF LogisticsPlus are restricted to qualified investors as defined in art. 10, para. 3 CISA in accordance with art. 6, para. 1 CISO. 3 CS REF International, CS 1a Immo PK, CS REF LogisticsPlus and CS REF Global are no constituents of the SXI Funds. 4 Monthly turnover average of the last 12 months. 5 Taxation of Swiss real estate funds differs depending on whether a fund holds it properties in direct ownership or indirectly via real estate companies (affiliates of the fund). Source: Credit Suisse AG, Datastream, last annual or semi-annual report of the funds 13
INTERSHOP N HIAG IMMOBILIEN AG ALLREAL N INVESTIS N WARTECK N MOBIMO N SWISS PRIME SITE N BFW LIEGENSCHAFTEN N ZUG ESTATE AG PSP N SWISS FINANCE & PROPERTY VARIA US PROP N PLAZZA N ZUEBLIN IMM N Premium/Discount of Investment Companies Average Discount: 23. 8 7 6 5 4 3 2 1-1 -2-3 -4-5 Source: Credit Suisse AG, Datastream, last annual and semi-annual reports of the companies 14
Historical Development of Premiums and Agios Swiss Investment Companies vs. Funds 4 Premium/Agio in % 3 2 1-1 -2-3 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Premium/Discount of Investment Companies Agio/Disagio of Funds Source: Credit Suisse AG, Datastream, last annual and semi-annual reports of the companies 15
SWISS PRIME SITE N INTERSHOP N INVESTIS N VARIA US PROP N MOBIMO N SWISS FINANCE & PROPERTY PSP N WARTECK N ALLREAL N BFW LIEGENSCHAFTEN N HIAG IMMOBILIEN AG PLAZZA N ZUG ESTATE AG ZUEBLIN IMM N Distribution Yield of Investment Companies Distribution per Share Compared to the Share Price 4% 3% 2% 1% Source: Credit Suisse AG, Datastream, last annual and semi-annual reports of the companies 16
Swiss Investment Companies at a Glance Name ISIN Price 52 week Performance Vola. NAV Premium Distribution Turnover Market capihigh low YTD -5y 3 years per share yield (%) mn CHF 1 talization (FF) 30.06.2017 p.a. ann. (prov.) mn CHF SWISS PRIME SITE N CH0008038389 87.10 91.00 78.45 9. 7.2% 13.8% 70.59 23.4% 4.2% 277.2 6'225.8 PSP N CH0018294154 89.60 98.70 84.30 5.7% 5.2% 14.8% 82.63 8.4% 3.7% 155.4 3'608.0 ALLREAL N CH0008837566 173.50 187.80 134.00 18.6% 8.9% 14.8% 128.14 35.4% 3.3% 71.7 2'470.7 MOBIMO N CH0011108872 269.00 279.25 219.20 9.7% 8.8% 12. 212.36 26.7% 3.7% 41.6 1'672.7 INTERSHOP I CH0273774791 481.00 509.50 449.00 0. 13.7% 12. 285.53 68. 4.2% 17.7 641.2 ZUG ESTATE AG CH0148052126 1848.00 1860.00 1595.00 13.3% 8.7% 1672.05 10. 1.1% 4.9 463.9 HIAG IMMOBILIEN AG CH0239518779 124.00 126.20 95.10 22. 0. 88.94 39.4% 2.8% 4.6 349.1 PLAZZA N CH0284142913 231.30 245.00 214.80 4.4% 0. 260.49-11.2% 1.3% 3.3 290.1 WARTECK N CH0002619481 1954.00 1990.00 1812.00 9.2% 5.4% 7.9% 1518.19 28.7% 3. 2.0 264.1 SWISS FINANCE & PROPERTY CH0032816131 97.20 101.50 86.10 11.8% 0. 6.9% 90.14 7.8% 3.7% 1.2 265.3 BFW LIEGENSCHAFTEN N CH0018206117 45.80 46.00 37.50 19.8% 9.9% 38.06 20.3% 2.9% 2.2 214.9 INVESTIS CH0325094297 59.05 61.95 55.00 8. 0. 0. 44.66 32.2% n.a. 5.6 165.4 VARIA US PROP N CH0305285295 36.00 43.95 35.10 0. 0. 0. 33.71 6.8% n.a. n.a. 113.8 ZUEBLIN IMM N CH0312309682 26.25 29.00 18.10 40. -35.4% 53.1% 40.56-35.3% 0. 1.8 54.5 SXI REAL ESTATE SHARES CH0042660313 9.4% 7.2% 11. 23. 3.6% 589.2 16'799.3 1 monthly turnover average of the last 12 months Source: Credit Suisse AG, Datastream, last annual and semi-annual reports of the companies 17
Your contact partner If you have any questions about real estate investments... we'll give you the answers. Ulrich Braun Strategies & Advisory Managing Director Christian Braun, CIIA Strategies & Advisory Vice President ulrich.braun@credit-suisse.com Phone +41 44 332 58 08 christian.braun@credit-suisse.com Phone +41 44 333 44 00 18
Disclaimer This document was produced by Credit Suisse AG and/or its affiliates (hereafter referred to as "CS") with the greatest of care and to the best of its knowledge and belief. However, CS provides no guarantee with regard to its content and completeness and does not accept any liability for losses that might arise from making use of this information. The opinions expressed in this document are those of CS at the time of writing and are subject to change at any time without notice. Unless otherwise indicated, all figures are unaudited. This document is provided for information purposes only and is for the exclusive use of the recipient. It does not constitute an offer or a recommendation to buy or sell financial instruments or banking services and does not release the recipient from exercising his/her own judgment. In particular, it is recommended that the recipient check that the information provided is in line with his/her own circumstances with regard to any legal, regulatory, tax or other consequences, if necessary with the help of a professional advisor. This document may not be reproduced either in part or in full without the written permission of CS. It is expressly not intended for persons who, due to their nationality or place of residence, are not permitted access to such information under local law. Every investment involves risk, especially with regard to fluctuations in value and return. Investments in foreign currencies involve the additional risk that the foreign currency might lose value against the investor's reference currency. Historical returns and financial market scenarios are no guarantee of present and future performance. Performance data do not take into account any commissions and costs charged for issue and redemption. Furthermore, there is no guarantee that the performance realized will reach or surpass that of the relevant benchmark index. Copyright 2017 CREDIT SUISSE AG and/or its affiliates. All rights reserved. 19